PetroNeft provided the following financing update. On 15th December 2021 PetroNeft announced that it had met all contractual obligations, including the payment of $574,430 (representing 20% of the principal sum outstanding), and the payment of the associated interest for fiscal 2021. The reduced principal amount of $2.3 million, has enabled the Company to extend the facility by a further 12 months to 15th December 2022.

At the same time PetroNeft has been looking at all options to see if it would be in shareholders' best interest to re finance the loan. After detailed negotiations with various parties have decided that it is in the best interests of shareholders to continue with the facility as is. They will continue to explore financing alternatives, with a view to securing terms and conditions, which are in PetroNeft's Shareholders best interests.